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Nifty 50 June Futures (18,730)
Nifty 50 and Sensex are under pressure. Both the indices are down about 0.45 per cent each. Sensex is trading at 62,854 and Nifty at 18,676.
Immediate support for the Nifty is at 18,650. If it manages to bounce from this support, a rise to 18,700-18,750 can be seen by today or tomorrow.
If the Nifty breaks below 18,650, an extended fall to 18,580-18,550 can be seen.
Global indices
Most Asian major indices are in red. Hang Seng (19,642) is beaten down the most by 1.4 per cent. Nikkei 225 (33,294), Kospi (2,604), and Shanghai Composite (3,250) are all down by about 0.2 per cent each.
Also read: Day Trading Guide for June 20, 2023
US markets were closed on Monday on account of a public holiday. We will have to wait and watch how the Dow Jones performs today.
Nifty 50 Futures
The Nifty 50 June Futures (18,730) is down 0.6 per cent. It has a significant support at 18,700-18,680. The chances are high for the contract to sustain above this support and see a bounce. That can take it up to 18,800 again.
The contract will come under more selling pressure if it breaks below 18,680. In that case, the Nifty 50 June Futures contract can test 18,600 on the downside.
Trade strategy
Traders wait for dips. Go long at 18,710 and 18,695. Keep the stop-loss at 18,670. Trail the stop-loss up to 18,720 as soon as the contract moves up to 18,730. Move the stop-loss further up to 17,745 when the contract touches 17,765. Exit the long positions at 18,790.
Supports: 18,680, 18,600
Resistances: 18,800, 18,900.
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